堡发（POHUAT）- 或受益于贸易战

堡发（POHUAT）- 或受益于贸易战

堡发的第三季度核心净利润为2690万令吉（同比下跌31％），是因为生产成本上升导致利润率低于预期。 相信堡发以迎合人口统计和市场趋势的变化而将继续调整其定价和产品供应。 如果美国对中国家具征收关税，堡发也可能受益于美中贸易战。


堡发的第三季度收入同比略微下降2.3％至4.324亿令吉，主要是其越南业务的销售额下降，由于越南制造商的竞争加剧以及产品组合转向更实惠的产品系列。由于对美国市场以及传统办公家具的面板卧室设备的持续强劲需求，导致马来西亚业务的销售额增长，部分抵消了销售额的下降。由于原材料成本增加和直接人工成本增加，导致马来西亚和越南业务均出现利润率下降。本季度未宣布派息。


在此基础上，堡发的第三季度营业环比增长15.5％至1.45亿令吉。 营业额增加主要是由于马来西亚和越南业务的销售额增加。 然而，在扣除一次性项目后，第三季度核心净利润环比小幅下降1％至830万令吉。


相信堡发将继续调整其产品供应，以迎合人口统计和市场趋势的变化，并进行价格调整以减轻原材料价格和劳动力成本的增长。 此外，如果美国对中国家具征收关税，认为堡发可能会受益于美中贸易战，这可能使堡发的家具更具竞争力，而中国制造的家具更具竞争力。

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可口食品 （COCOLND）- 长持有价

可口食品 （COCOLND）- 长持有价

2018年上半年收入略微下滑1％至1.26亿令吉，主要受合约制造业务销售下滑因饮料产品需求疲弱拖累所拖累。上半年毛利率下降15.1％至3,220万令吉，毛利率下降25.5％（ - 4.3%），由于劳动力成本上升。加上更高的产品展览和促销费用，上半年的净利润下降12.1％至为1,430万。

展望未来，鉴于国内和出口市场的强劲需求，预计软糖的强劲销售将巩固该公司的盈利增长。该公司计划增加一条新的生产线，这将使其软糖产能从92亿吨提升至14,200万吨，一旦在2019年底投入运营。成本上升可能继续带来挑战，但期望会有更好的运营效率和改进的产品组合抵消影响。

鉴于公司其旗舰软糖的强劲销售为基础，以稳健的资产负债表为基础提供丰厚的股息支付，健康的现金流量生成，以及凭借其产品在国内和出口方面的强大品牌资产支持的良好记录。应可考虑长期持有。

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PWROOT - 中期前景乐观

PWROOT - 中期前景乐观

在销售组合合理化和广告与促销（A＆P）支出收紧的情况下，尽管销售额下降，该集团似乎准备从国内更高的盈利能力中获益，预计销售税将转嫁给消费者。另一方面，鉴于中东和北非市场萎缩，出口平稳可能被视为积极因素。

国内销售下降但回报更高。在最近的第一季度的报告中，本地销售额下降至3,820万令吉（同比下跌34％）。虽然这可能是由于2018年4月价格上涨之前的第4季度前期装载，但也可能是因为实施了更严格的销售程序。后者旨在确保对保证金的保护，这转化为某些经销商的销售订单履行较低。在此期间，营销活动削减和促销支出收紧，营运费用也较低，这也是集团重组活动的一部分。

2019年1季度的出口销售额为5110万令吉，占集团销售额的55％。鉴于较低的平均外汇汇率，认为这可能有利，因为它可能受到更高交易量的支撑。此外，由于年中季节性和地缘政治因素支出较差，该公司曾表示中东和北非市场规模下滑，平淡的销售，但该公司能够在不利条件下扩大其市场份额。

展望未来，虽然该公司正在削减营销支出，将继续实施选择性战略，以吸引其关键产品（即产品重新包装，引入新变种），从而加强本地需求。然而，随着SST的实施，预计将新的税收负担传递给消费者，这可能会削弱集团的销售势头。咖啡的指示性税率为5％，能量饮料的税率为10％。

尽管如此，与2018年相比，从相对较轻的生产成本中恢复的更高利润率可以支持更好的对冲策略，以及整体缓解商品趋势。此外，该集也正在实施进一步的结构改进，以优化运营支出和减少浪费。

最近的业绩似乎表明了该公司正在积极恢复，以抵御挑战性的本地和外国的逆风。除了在不利的经营环境下扭亏为盈，该公司提供稳健的股息收益率。

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You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

永信东南亚（YSPSAH）- 国内增长推动营收

永信东南亚（YSPSAH）- 国内增长推动营收

永信东南亚的2Q18核心利润远超预期。 在稳健的国内增长和更好的产品组合的支撑下，EBITDA利润增长12.4%。 由于新加坡和越南市场下滑，出口销售疲软。

2Q18收入增长13％至6,790万令吉，带来上半年收入至1,394万令吉（增长9％）。 这是由于持续的销量增长和更好的产品组合，主要来自国内市场（增长17％）。 该季度可以通过贸易补充库存活动得到补充。 在2018年上半年增长8％，制造部门将继续成为增长的引擎。 更令人印象深刻的是，由于更好的产品组合和更高的规模经济，上半年的制造业部门利润增长了惊人的51％。 扣除成本与费用后，核心净利润为2,010万令吉（增长46％），超出预期。

2Q18的净利润率增长5%至13％，主要是由于永信东南亚制造部门的进展。 2018年2季度的优惠税率为23.7％（2017年第2季度为33.5％）也是一个因素。 出乎意料的是，上半年的出口销售额（通常占总销售额的30％）同比下降8％。 大多数外国市场出现下滑，特别是越南和新加坡。

预计核心每股盈利年均复合增长率为21％。 因国内部门即将出现的结构性改善，将支撑着永信东南亚在可预见的未来的前景。

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3A资源（3A）- 被原材料成本拖累

3A资源（3A）- 被原材料成本拖累

由于原材料价格上涨导致利润率下降，3A资源（3A）又报告另一个疲软的季度第二季度净利润下降42.4％至530万令吉。虽然原材料成本上涨带来的近期挑战将保持谨慎态度，但仍然看好3A的长期潜力，因为其提供高品质的各种餐饮成分的一致性，赢得业内大型跨国公司的信心，生产能力和办公空间扩张计划，未来两年分配4,000万令吉资本支出，净现金头寸清洁资产负债表，以及持续强调研发计划，从而促进新产品开发。

由于其地域市场的销量下降，第2季度收入略微下降-1.0％。 马来西亚和新加坡的销售额分别增长3.0％和2.3％，但受其他国家同比下降-10.4％的影响。 对于累计上半年，马来西亚分部收入增长4.5％。 展望未来，预计未来两年将增长4-6％，这主要得益于产品供应的整体多样化以及产能扩张计划的持续投资。相信作为配料生产商，3A将受益于餐饮业的稳定增长，作为该行业的支柱，其产品广泛用于食品加工，原材料或其他所需的半成品。 食品制造商生产各自的成品。

随着原材料价格上涨，特别是木薯粉，导致第2季度的净利润下降。 全球木薯价格目前比今年1月份高出12%，在5月时期达到峰值26％的峰值之后略有下降， 这应该反映在3A今年的整体表现中，除非3A能够将成本转嫁给客户从而缓解其影响。 仅在第2季度，不利的原材料价格已将毛利率削弱至14％，而经营，税前和净利润率分别下降至7.1％，6.8％和5.2％。 然而，考虑到全球木薯价格下跌，预计长期利润将有所改善，以及其麦芽糖糊精已于去年完成建设，这第三家麦芽糖糊精工厂的增加将做出更好的贡献。

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You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

家丽资机构 （HOMERIZ）- 超出预期

家丽资机构 （HOMERIZ）- 超出预期

家丽资机构的第三季核心盈利1500万令吉（下降33.9％）超出预期，主要是因为先前的自动化措施导致运营成本降低。回想过去，去年第3季度盈利同比下降是由于原材料成本上升（特别是喷雾和包装），劳动力成本上升以及马币兑美元走强。

由于销量下降（集装箱销售数量下降了5％），第三季收入下降1.5％；然而，核心收益（+ 27.5％）受到加班和外包工作减少导致的运营成本降低的推动。家丽资机构最近投资了几台新机器，相信这些机器可以提高效率并节省成本（需要更少的工人）。

家丽资机构宣布第一级中期股息1仙/股。对于全年，预计总计DPS为3仙，相当于股息收益率为4.3％。


若有兴趣美国股市，请游览以下面子书
https://www.facebook.com/IncessantConcept/
https://www.surveymonkey.com/r/HJ395HP

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You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

永信东南亚（YSPSAH）- 现有竞争地位，表明更高赢率

永信东南亚（YSPSAH）- 现有竞争地位，表明更高赢率

即合同采购的自由化和新的健康计划，永信东南亚有能力跟进制药行业的新发展。同时，继续看好永信的估值不高（市盈率为9.4倍，低于5年均值11倍），出口驱动型增长和行业前景改善。

根据永信过去从卫生部获得合同的记录，其机会一直很低，即不到政府年度支出40亿令吉的1％。随着卫生部采购流程的潜在自由化，这意味着要获得更多这些合同可能会有进一步的好处，对永信是一个恩惠，使得永信的整体竞争力。

根据马来西亚竞争委员会的制药行业报告，制药公司在许可进口商和本地制造商（其中包括永信，Apex Healthcare，Hovid和Kotra等当地上市公司）之间有着广泛的区别。尽管与默克，辉瑞和拜耳等公司竞争，但永信已经在马来西亚获得了2.9％的特许药品公司市场份额。与当地上市公司相比，永信的营业利润仅次于CCM Duopharma。这表明，凭借纯粹的竞争力和优点，永信可能会获得更多的卫生部合约，而不是目前的<1％的赢率。此外，考虑到政府相对于品牌药物更倾向于使用更实惠的仿制药。现有的竞争地位表明更高的赢率，有利于永信。

希盟领导的政府打算在政府的头100天内推出一项新的医疗计划，Peduli Sihat。然而，鉴于对政府财政状况的审议，卫生政策仍未确定。该计划每年向全国每个B40家庭提供500令吉的援助（按收入计算，马来西亚家庭占40％）。它既可以补充并且可以方便地获得私立医院和诊所的初级保健服务。根据2015年约有270万B40家庭，这一金额在13亿令吉的范围内。一旦根据咨询费用的最佳案例底价进行调整，13亿令吉的医药成分可能达到5亿令吉。这将立即推动现有50亿令吉的私人医药支出。新的健康计划Peduli Sihat的潜在实施可能会成为私人医药支出的直接福音。预计它将推动对仿制药的需求，从而使永信等仿制药生产商受益。

随着该集团蓬勃发展的出口许可证，预计将逐步推动出口销售。催化剂将由潜在增长的出口市场推动，这些出口许可证很好地定位了永信，以挖掘人口众多的潜在市场和较低的医疗保健支出/人均，从而在可预见的未来支撑增长。再加上出口销售作为收入的一个越来越重要的组成部分，反映出更多样化和出口带动的强劲增长前景。

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You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

美特工业 - 继续扩展

美特工业 - 继续扩展

美特工业经营两个业务部门：制造服装和包装材料。 服装销售额占集团收入的90％以上。 其服装销售额超过90％来自耐克公司。该集团年产能为3560万件，利用率为70％，并计划到2020年将产能提高至5000万件。公司将其产品扩展到本地大马，越南，美国，欧洲，中国，加拿大，泰国，印度尼西亚和日本的市场。

美特工业分别公布其2018年收入和核心净利润分别为2.2亿令吉（下降26.4％）和2,390万令吉（下跌38.7％）。总体而言，2018年是一个表现不佳的年份，收入和核心净利润分别下降5.3％和11.1％，其主要受到收到的销售订单减少，运营费用特别是劳动力成本上涨以及不利的外汇走势影响。美特工业宣布第四季度每股5仙的较低股息7仙，全年派息为20仙，相当于2018年的35.6％派息。美特工业的估值不高，基本面稳健（截至2018年4月30日净现金额为1.929亿令吉或1.19令吉/股），有吸引力的股息收益率。

自2018以来，两家新计划生产设施之一已经开始生产，而第二家工厂仍在建设中，所以预计2019年的表现会更好，这得益于两家新制造工厂的新产能和更稳定的外汇流动。

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You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

堡发资源 - 高生产成本拖低收益

堡发资源 - 高生产成本拖低收益

堡发资源的前半年的收入比较于去年同期下降了1.3％至2.8740亿令吉，主要是因为越南业务的销售额下降及越南盾兑美元汇率走弱。但由于用于美国市场的面板卧室套件以及传统办公家具的需求依然强劲使得大马本地业务的销售额增长，所以抵销部分下滑业绩。

由于大马本地和越南的业务经历了利润率被压缩，2018年年度上半年的息税折旧摊销前利润率下降至8.5％，部分原因是因为马币兑美元升值而导致其产品售价以马币计算而拉低赚幅; 其二，原材料成本和直接人工成本齐增加。截至2018年4月30日，美元收于3.92令吉，而一年前为4.34令吉。另外值得注意的是，堡发资源已于2018年1月，其大马工厂的火灾事件与其保险公司达成了430万令吉的火险赔偿协议。考虑到受损的资产总账面净值为300万令吉烈火，堡发资源录得净赚130万令吉。

由于生产成本上升导致利润率低于预期，剔除一次性项目后，堡发资源的前半年的核心净利润达到1,970万令吉下滑33％即低于预期。

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CBIP - 价值浮现

CBIP - 价值浮现

虽然CBIP在油厂工程和SPV分部补充订单的短期前景可能仍然疲软，但CBIP值得重新审视，因为价值已经浮现。由于持续低的毛棕榈油价格环境，CBIP在其油厂工程和SPV分部补充其订单的近期前景仍然疲软， 油厂工程部门的订单补货速度低于预期，以及部长职位变更（GE14结果发布后），这可能会导致SPV部门新合同授予延期。

价值已经出现。尽管近期的补贴前景不佳，但仍然看到CBIP的价值，因为砂捞越种植园资产（通过联营和合资）和加里曼丹（32,000公顷，其中约11,574公顷，或36％已经以及净现金4,270万令吉（或每股8仙）。

上游种植资产价值54仙/股。假设保守估价CBIP的土地储备价格为RM15,000 /公顷（种植面积）和RM500 /公顷（对于未种植面积），这低于目前的市场估值（至少为RM30,000 /公顷/区）。

6仙的DPS可能会继续。鉴于其净现金为4,270万令吉（或每股8仙），并且未来会出现巨额资本支出。目前股价为1.30令吉，股息转化为4.6％的不错收益率。

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AWC设施方案 - 利润率提高

AWC设施方案 - 利润率提高

AWC的3QFY18净利增长36.3％至690万令吉，去年同期为500万令吉，这是由于盈利水平较高，收入贡献较强，收入达RM75.3mil 增长11.6％。

尽管去年同期的净利润也从去年同期的1,570万令吉增长8.2％至1亿1千7百万令吉，尽管收入略有下降至20,980万令吉同比减少0.2％。累计净利较高的主要原因是利润率较高，加上较低的税收支出。

然而，报告的净利润和收入比预期低，主要是由于进度费用较低，还受到前几个季度延迟的项目所拖累。

同时，尽管部分被较低的税收支出和较低的非控股权益所抵消，但环境和工程部门的税前利润疲软，影响AWC的整体表现。年初至今综合设施管理部门的税前利润（包括分部间交易）从去年同期上涨88.0％至1,460万令吉。另一方面，由于项目延误，成本超支以及缺乏资金，环境和工程部门贡献的年初至今税前收益分别下降至860万令吉下跌46.1％和360万令吉下跌52.5％。

展望未来，随着集团继续成本超支和项目延误，可能导致将来收益会减少。即便如此，由于环境和工程部门确保的新合同以及持续的成本重组计划，预计在2019年更有利的收入贡献支撑。

如果预计AWC超过10亿令吉的巨额订单将使该集团的业务持续到2025年。AWC董事会计划于2018年6月5日举行特别股东大会进行表决收购60％的股权铁路服务供应商Trackwork。在董事会批准之前，暂时排除Trackwork的潜在盈利贡献，相信盈利合并将提高AWC的盈利。根据Trackwork的供应商保证的累计2,000万令吉利润，集团底线可能增加13％-20％。

其投资风险包括由于建筑行业固有的周期性风险而导致订单补货率低于预期以及项目延误，这可能导致不可预见的成本增加和声誉损失。公用事业成本的增加和消耗品价格的上涨也可能压缩到综合设施管理合同的利润率，而原材料成本的任何波动也可能影响AWC在已经饱和的暖通空调市场的利润率。

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PWROOT - Techincal view on May 2018

Power Root was testing the MYR1.70 level in its latest session. A bullish bias may be present above this point with a target price of MYR1.90, followed by MYR2.04. The stock may consolidate further if it cannot breach above the MYR1.70 threshold decisively in the near term. Support may be found at MYR1.37, where traders can exit upon a breach to limit the downside risk.

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合成工业 （HUPSENG） - 仍在努力经营，创造佳绩

合成工业 （HUPSENG） - 仍在努力经营，创造佳绩

由于国内和出口市场销售季节性下滑，收入下滑10.5％至7,710万令吉。 此外，毛利率也从38％下降至36.7％是因为较高的投入成本而导致税后盈利较低（-23.0％）。其主要原因是投入成本较高（以棕榈油，面粉和食糖等原料为主），而运营成本仍然很高（管理和营销费用包括员工，运输，能源成本占收入的五分之一）。 由于毛棕榈油价格较便宜，相信未来利润率将继续提高。


利润连续两年下降后，6月1日开始，GST 降至0%将消费者信心逐步改善，预示着提高该集团的盈利。 尽管第一季度的毛利率较低，但毛利率下降将导致原材料成本下降。 估计2018年棕榈油价格平均价格将低于2,500令吉/吨，而2017年平均价格为2,715令吉。迄今为止，棕榈油价格平均为2,465令吉/吨。 请注意，棕榈油和面粉占集团原材料成本的70％以上。


合成工业表示，由于现代化商店的销售收入增长以及分销商网络规模扩大，销售额有所增长。通过培育自己的分销网络打开中国市场的计划尚未起飞。预计合成工业的额外增长将来自中东和中国市场出口销售的增长，因为有更高的销售激励措施; 和分销商的促销赞助活动。 相信2018年国内销售将增长2.8％。


合成工业仍在努力管理经营和投入成本，以及强劲的股息收益率，健康的净现金状况和预期的利润率扩张。基于60％的股息政策，预计该集团在2018年支付6仙（与2017财年相似），意味着潜在的股息收益率为4.8％。

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3A资源 - 整装待发

3A资源 - 整装待发

3A资源年初开始表现疲软，因为净利润较高，净利润也跟着下降。第一季净利润下降-39.6％至620万令吉是因为受原材料价格上涨拖累毛利率下降的拖累。尽管原材料成本上涨带来的短期挑战，所以保持谨慎态度。

由于其地理市场的销量略有下降，虽然公司第一季度收入同比下降0.7％，但大马的销售额却增长了5.9％，抵消了新加坡的-24.4％和其他国家的-7.2％。 展望未来，由于产品供应总体多样化以及持续投资扩产计划，可以保守预计2018-2020年的增长率为4-6％。 作为配料生产商，3A将受益于餐饮业的稳步增长，作为食品加工行业的馈送者，其产品广泛用于食品加工，以其他食品制造商生产所需的原材料或半成品形式 他们各自的成品。

第一季度净利润下降是因为原材料价格上涨尤其是木薯粉。 今年迄今为止，全球木薯价格上涨了25％，这应该在3A的未来两个季度中得到反映，除非3A能够将成本转嫁给客户，从而缓解其影响。 本季度，不利的原材料价格和汇率使毛利率下降。 尽管如此，预计长期利润率将有所提高，因为3A在去年已经完成建设的麦芽糖糊精第三工厂增加，并且应该在明年之后带来更大贡献。

相信3A拥有长期潜力，因为其一贯以优质的品质提供各种类型的餐饮原料，赢得行业内大型跨国公司的信心 ；还有生产能力和办公空间扩张计划，未来两年拨款4000万令吉；净现金头寸清晰的资产负债表;以及持续重视研发活动，从而开发新产品。

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PWROOT - 减低成本，提高盈利

PWROOT - 减低成本，提高盈利

在过去几个季度，由于干旱引发全球咖啡价格飙升，该公司的关键原料（即咖啡）的平均成本很高，导致利润下滑。

由于消费者信心疲弱，该公司对现有国内经营环境的审查也发现了各种改进空间。 这包括减少生产浪费，合理化促销支出和分析不良销售安排。 虽然上述可能会为公司带来更好的底线贡献，但相信可能只会在实施一段时间后才会看到好结果。

出口数量受到强劲接待的推动，特别是在中东和北非地区，国内销售可能因本地竞争加剧和消费习惯疲软而受挫。 虽然该公司将战略重点放在新市场（即“Kopi O”）可能会为增加国内贡献提升销量。 关于国内收益问题，相信该公司已解决运营失误的问题，这可能会提高利润率。

PWROOT将积极扩大国内地位，但相信出口收益可能会受到马币复苏的阻碍。 相信该公司将改善运营以扩大利润率，提高销售策略。

PWROOT的长期前景感到乐观。 运营成本已合理化，但可能只能在中长期才会反映出来。 然而，从较低的平均商品价格带来的短期利好可能会缓解生产成本。该股仍具有价值，因为预计2018/2019年的股息收益率将保持稳定在6.9％/ 8.3％。

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贸易战争

贸易战争

金融危机爆发以来，全球经济面临1929年经济大萧条以来最困难的局面。很多国家为了自保，挥舞起了贸易保护主义大棒。当前这种贸易保护的趋势，它是糖水还是毒药？它能帮助经济走出困境，还是会使危机更加恶化，这成为2009年初达沃斯世界经济论坛上各位商界领袖最热衷于讨论的焦点问题。随着时间推移，危机进一步蔓延，贸易保护是否会进一步演化成为贸易战争、军事战争？这影响着全球的经济走势，也将决定你我未来的生活。

面对全球化的新态势，特朗普搞地方保护主义、贸易保护主义，实在是逆流而行。贸易战，就是一场战斗，无论什么战斗，杀敌百万必定自损三千。

在这场美国与世界各国的贸易战中，美国真能以一敌百吗？当然，既然是战争，就有可能取得局部和阶段性胜利。但是，美国与世界各国打贸易战，绝不可能取得最后胜利。近期来说，美国可能有一些收获，在与一些国家的贸易交往中，可能会从贸易逆差变成贸易顺差；而长远来说，只能把美国带入自给自足、孤家寡人的境地。

中美打贸易战对双方都没有好处，没有赢家，希望双方还是保持理性，避免打贸易仗。

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CB工工业（CBIP）- 先锋冲刺

CB工工业（CBIP）- 先锋冲刺

CB工业（CBIP）凭强劲的订单前景，创新其先锋的地位及巩固其种植业务部门，CB工业是防御性种植股，其提供了强有力的价值主张。

2107年，CBIP在收集蒸汽工程部门取得一笔4.26亿令吉的优质订单，并以201亿令吉签订价值6,100万令吉的新合约可支撑盈利大概一年半。 随着生产恢复的进行，预计2018年合同流量将回升而使对工厂升级的需求增加。 同时，成长区域包括加里曼丹和南美洲拥有高成熟的土地将需要建设新的工厂。所以，该公司有可能将继续探索经常性收入模式。

CBIP已经获得了先驱者的地位，允许自2017年11月以来获得部分免税，有效期为5年，并可能延期。 预计今年新收购的项目有资格获得免税优惠，从从中惠及该公司。

尽管CBIP的种植业务在2017年的亏损有所缩小，再纳入了关联收入使得种植业务整体得到盈利。 尽管如此，管理层正在探索其资产的整合，该公司拥有1.5亿令吉的充足现金可支持进一步收购。如果在最高净负债率为50％的情况下，该公司可以支持价值高达4.5亿令吉的收购。

目前CBIP的交易价格处于多年低位，Fwd PER仅为9.2x，而其3年历史平均值为11.4x。 这是自2015年8月以来的最低估值。由于该公司盈利恢复再加上新的先锋地位和新兴的种植园部门的进展。还注意到的是在目前看跌的毛棕榈油价格环境下，该公司可以证明对较低的毛棕榈油价格进行稳健对冲，使其成为与种植业相关的防御性较强的股票。

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合成工业 （Hup Seng）- 大马饼干王

 合成工业 （Hup Seng）- 大马饼干王

合成饼干是马来西亚的最悠久饼干象征：合成工业的核心业务涉及制造和销售饼干，饼干，燕麦饼干和饮料。 合成的奶油饼干在马来西亚食品市场已经有近60年的历史了。 目前，饼干占集团销售额的约65％。

由于棕油和面粉累计占该集团原材料成本的70％以上而随着棕油价格下降导致合成毛利率将显着增加，反之亦然。预计未来，合成估计2018年CPO的价格平均为2500令吉/吨，而2017年平均价格为2715令吉/吨。 迄今为止，棕油价格平均为2495令吉/吨。预计2018年的毛利率将从2017年的37.8％将增加至41.3％。

按现价计算，尽管该集团的最低派息比率为60％，而预计合成将在2018年支付90％的收益，与过去三年一样，预计合成收益率为5.5％，股息收益率较高。

截至2017年底，合成现金净额为9,900万令吉或每股12仙，净现金状况。 该集团表示，他们计划在现金需求大幅增加时需要增加产能的情况下，用现金购买新的烤箱。

合成工业`指出，该集团生产饼干的产能达到满负荷。 此后，该集团在其工厂附近购买了两块土地，以期增加产能。 目前合成燕麦饼干生产能力约为30％。

集团的税前盈利由2015年的5,470万令吉高位下滑至2017年的4,450万令吉，原因是令吉疲弱影响了原材料成本。 所以预计合成的2018年底将有可能反弹是因为预计2018年的预期棕油价格将下降使到毛利率将上升。

合成工业占马来西亚最大的饼干市场份额，拥有悠久的历史，能够向其他饼干品牌收取溢价。拥有强劲的股息收益率，健康的净现金状况和预期的利润率扩张。合成增加产能，可增加燕麦饼干的销售量，以符合市场对健康替代品增长的需求。

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You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

堡发资源 （Poh Huat）- 低估的可能？

堡发资源 （Poh Huat）- 低估的可能？

由于马币兑美元的汇率转换以及原材料成本的上涨，越南业务的贡献低于预期以致堡发的第一季净利润为1,020万令吉下降-42％。

堡发的第一季收入略微下降1％至1.619亿令吉，主要是由于近期产品组合向中端及可负担部分市场转移，越南业务的销售减少，但由于大马业务销售至美国市场的面板型卧室套件以及传统办公家具的强劲需求间接抵消了冲击。由于马来西亚和越南的业务经历利润率压缩，税前利润率在第一季度减弱是因为马币升值；最近的火灾事件导致生产中断，运营效率下降; 和原材料成本增加。在初始调整期间，开始生产几种新型家具产品也导致生产效率和劳动生产率降低。

该集团表示，为了保持领先于竞争对手，将继续调整其产品以迎合人口和市场趋势的变化，还必须与客户紧密合作，以缓解原材料价格上涨，劳动力成本和价格调整以应付美元兑马币汇率近期的变化。

 股东权益率大约有14%，殖利率有6%，净现金8千万，本益比估值只有6倍，股价有被低估的可能性，可以观察看看。

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

乔治肯特 （GKENT）- 蓬勃发展

乔治肯特 （GKENT）- 蓬勃发展

乔治肯特是马来西亚蓬勃发展的铁路项目推广的关键代理。该集团公布第四季业绩收入达到1.73亿令吉上涨36％和全年2018年收入达6亿令吉增长3％

乔治肯特也宣布5仙的股利，使得2018全年总支付达到9.5仙比之前都来得高。

2018年业绩强于预期因为有更高的计量收入，更好的工程赚幅，LRT3也取得强劲进展。




尽管2018年工程收入平稳，但税前盈利增长了26％。轻快铁延长线的剩余工程价值约1亿令吉将于明年完成。随着最近向IJM颁发的LRT3地下工程配套（约11亿令吉）大部分主要工程已经分配。因此，预计PDP费用（6％）将在2019年获得进一步增长趋势。
2018年的雪兰莪州，新加坡和尼泊尔的订单利润较高以致计量收入和税前盈利分别同比上涨20％和32％。 毛利率从21.5％扩大至23.8％



2019-2020年的收益将预计提高26％和23％，因为轻快铁的分机工程将持续到2019年，工程利润率将提高;更强劲的计量增长; LRT3的执行率较高。

乔治肯特拥有净现金RM0.82 /股（市值的19％）。值得一看。

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.